CCC Information Services has launched Estimate – STP, which employs advanced AI to automatically initiate and populate predictive, detailed and actionable estimates.
The company said Estimate – STP fully digitises the estimating process for qualified repairable claims, expanding the digitisation of automotive insurance claims, cut processing time, and elevating the customer experience.
“CCC Estimate – STP is designed to accelerate our insurance customers’ vision for straight-through processing,” said Barrett Callaghan, Executive Vice President, Markets and Customer Success at CCC. “Intelligent, automated, inclusive and actionable, we believe CCC Estimate – STP will deliver a significant leap forward, powering our customers’ ability to achieve claims personalisation and differentiation.”
The US-based company said Estimate – STP will use a “powerful combination of technologies, data and partner connections” to generate a comprehensive estimate. Line-level detail, including parts, labour operations and hours, along with taxes for each repair are designed to make estimates actionable and to deliver speed and transparency to policyholders.
CCC’s AI solutions will assess and visually depict vehicle damage, while estimating logic, which is derived from processing 16 million claims annually, will work with insurer-directed business rules to digitally generate estimates. The new offering will be configurable by insurer, including claim eligibility thresholds and policyholder experience objectives.
CCC Estimate – STP will be part of the CCC Cloud, which creates connections and digital continuity among insurers, collision repairers, automakers and parts suppliers.
“With the rollout of CCC Estimate – STP, we expect the industry will be able to realise automated estimating in mere minutes,” said Shivani Govil, Chief Product Officer at CCC. “End-to-end digitisation requires an advanced set of technologies and a highly orchestrated network of trading partners that we believe CCC is uniquely positioned to deliver. With broad adoption of our mobile and AI solutions, we’re excited to bring this next generation innovation to market and help transform how our clients operate and re-imagine the customer experience.”
CCC said it has a network of 30,000 customers who use the company’s solutions to digitise operations, improve performance and deliver more seamless experiences to their policyholders across millions of claims annually. In addition, more than 75 automotive insurers are actively applying CCC’s AI to their claims process to improve policyholder experiences. According to CCC, insurer adoption of CCC’s AI with deep-learning increased 50 per cent year over year in 2020, and by the end of 2020, more than 5 million unique claims were processed using a CCC deep-learning AI solution.